Forum on branding for fintech in the banking sector (Photo: thoibaonganhang.vn)

Addressing the event in Hanoi on Wednesday, a former deputy director of the State Bank of Vietnam’s banking Strategy Institute, Pham Xuan Hoe, said digitalization is an emerging trend for banks to explore.

“Commercial banks must revisit their strategy, governance and mission statements in the digital era. They have to invest largely in core banking technological changes to provide multi distribution platform for customers. Operational procedures and internal processing should be changed accordingly to cope with digitalization needs,” Mr. Hoe said.

Vietnam has seen an increasing number of fintech companies, from 74 in 2017 to nearly 140 last year thanks to young population and high percentage of smart phone users.